This is success?
During the Democratic National Convention, President Barack Obama and other Democrats repeatedly touted the federal bailout of General Motors as one of the president’s (few) economic successes. It appears General Motors officials don’t entirely agree and want to get out of their shotgun wedding with the federal government.
GM is pushing the Treasury Department to sell the government’s entire share of GM stock, which would translate into a loss of $15 billion for taxpayers. According to The Wall Street Journal, GM officials want to shed the stigma of being known as “government motors” and say the government’s shadow harms its reputation and makes it harder to recruit top talent because of pay restrictions.
Imagine that: This president’s greatest economic success could cost taxpayers billions and harms the company he “saved.” We wish we could say we’re surprised.
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